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 Post subject: Re: E M Ginn "Expert" table-top gramophone
PostPosted: Mon Jun 10, 2019 3:06 am 
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Victor II
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Joined: Tue Jun 30, 2009 8:17 am
Posts: 381
Location: Victoria. Australia
I'm always a bit confused how the VAT and commission work. The figures rarely seem to make any sense.
Is VAT 20%?
On the auction page it says 29.94% commissions inc VAT/Sales tax. So how much are the auction house making on a winning bid of £8,500?


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 Post subject: Re: E M Ginn "Expert" table-top gramophone
PostPosted: Mon Jun 10, 2019 5:34 am 
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Victor IV
Joined: Mon May 13, 2013 2:04 pm
Posts: 1603
Buyers premium is 20 % + VAT , if you buy online there is an additional 4.95% + VAT , so total for an online sale would be 24.95 % + VAT at 20 % on this + 4.99 making 29.94%

so the Auction house take is 24.95% of 8,500 = 2370.25 with a further 474.05 as VAT , I Think ?


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 Post subject: Re: E M Ginn "Expert" table-top gramophone
PostPosted: Mon Jun 10, 2019 6:14 am 
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Victor V
His epigrams are all his own, the man's an epigramophone!
Joined: Mon Oct 24, 2011 1:21 pm
Posts: 2589
Location: The Somerset Levels, UK.
soundgen wrote:
Buyers premium is 20 % + VAT , if you buy online there is an additional 4.95% + VAT , so total for an online sale would be 24.95 % + VAT at 20 % on this + 4.99 making 29.94%

so the Auction house take is 24.95% of 8,500 = 2370.25 with a further 474.05 as VAT , I Think ?


Just to be clear, VAT is only chargeable on the Buyer's Premium, not on the Hammer Price.


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 Post subject: Re: E M Ginn "Expert" table-top gramophone
PostPosted: Mon Jun 10, 2019 8:51 am 
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Victor IV
Joined: Mon May 13, 2013 2:04 pm
Posts: 1603
epigramophone wrote:
soundgen wrote:
Buyers premium is 20 % + VAT , if you buy online there is an additional 4.95% + VAT , so total for an online sale would be 24.95 % + VAT at 20 % on this + 4.99 making 29.94%

so the Auction house take is 24.95% of 8,500 = 2370.25 with a further 474.05 as VAT , I Think ?


Just to be clear, VAT is only chargeable on the Buyer's Premium, not on the Hammer Price.


Unless the vendor is VAT registered if Vat registered VAT is payable on the hammer price , Auction houses usually mark clearly if an item is subject to VAT itself


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 Post subject: Re: E M Ginn "Expert" table-top gramophone
PostPosted: Tue Jun 11, 2019 3:31 pm 
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Victor IV
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Joined: Sun Feb 15, 2009 5:40 pm
Posts: 1527
Location: Holy Loch in Argyll and Bute
Mike,
I'm wondering why you're promoting a dead forum in your signature?

It'll hopefully in time follow it's owner into utter oblivion.


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 Post subject: Re: E M Ginn "Expert" table-top gramophone
PostPosted: Sat Jun 15, 2019 8:36 pm 
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Victor IV
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Buyer of broken things
Joined: Sat Feb 11, 2012 4:10 pm
Posts: 1112
Location: North Shields, UK
Wow, great to see one of these rare beasts surface, looks incredible!


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